SunLife's boss in Britain leaves amid pension sales problems

Article Abstract:

Sun Life Assurance Co. of Canada's general manager for Britain, Maurice Bates, will leave the ailing division, in the midst of worsening problems related to a pension sales scandal. Bates, a veteran top executive in his mid-fifties, will leave the British operations after 33 years of service. Meanwhile, Sun Life is taking a beating on its name and finances due to the scandal that pushed many insurers to reimburse customers billions of pounds on private pension plans sold in the late 1980s. The British operations had also recently listed losses of C$238 million for the first half of 1998.

Comment:

General manager for Britain, Maurice Bates, will leave the ailing division in the midst of worsening problems

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Sun Life recruits fresh blood

Article Abstract:

Sun Life Assurance Co. of Canada, based in Toronto, Ontario, hired Stephen Mecher as vice president and general manager of the company's division in the UK. Stephen, who replaces Maurice Bates, is an American with experience in stockbrokering and merchant banking as well as insurance. The new executive will be in-charge of reversing the financial status of the British unit, which has been disadvantaged by huge losses. Sun Life's UK operations have accumulated C$590 million during the three quarters of 1998, resulting from a C$835 million in pretax provisions.

Comment:

Hires Stephen Mecher as vice president & general manager of the company's division in the UK

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Sun Life seeks to quell complaint

Article Abstract:

Sun Life Assurance Company of Canada CEO Donald Stewart has called for the review of a complaint filed by Terry Golding, a commercial loan customer of the insurer's British unit. The company sought the review after media coverage indicated the involvement of Scotland Yard and the Serious Fraud Office in an investigation. Management of the Golding case has been viewed by some as an attempt by the company to improve its image prior to going public.

Canada, Public affairs

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